“This is the fifth consecutive month in which the IMI has designated more than 70 percent of U.S. metros as improving,” observes NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “While that’s a good sign that the housing recovery is on solid footing, we know that various challenges are slowing its progress—including continuing issues with credit availability for builders and buyers, as well as appraisals that aren’t keeping up with the rising cost of construction.”
“The continued strength of the IMI is an indicator of the ongoing, positive momentum in housing markets nationwide as consumers move to take advantage of historically favorable interest rates and affordable home prices,” adds Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.
The addition of Tallahassee brings the number of improving markets up to 18 in Florida alone. “Northeast Florida has seen steady improvement in the real estate market for the last two years and as a result, we have achieved modest price increases between 3-5 percent in most areas,” says Christy Budnick?Prudential Network Realty?Broker/Executive Vice President. “We believe that price appreciation is sustainable, particularly when coupled with the lowest unemployment in the state and the fact that a vast majority of buyers in our area are purchasing primary residences versus a market that has a large investor population.”
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